Litecoin Retraces but Holds Above $80 Breakout Level

Key Highlights
Litecoin reaches a high of $91
Litecoin is deeply overbought and may decline

Litecoin (LTC) Current Statistics
The current price: $83.12
Market Capitalization: $6,982,356,606
Trading Volume: $748,377,953
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis January 17, 2023
Litecoin (LTC) price is in a positive trend but holds above $80 breakout level. The price of LTC is significantly overbought. Prices are unlikely to continue to rise. The altcoin will drop to its prior lows on the downside. The altcoin will first drop to the breakout level of $80. If the $80 support holds, the market will be fluctuating between $80 and $91. If prices continue to rise above the moving average lines, the upward trend will continue. If the price drops below the $80 support, selling pressure will pick up again. It will fall to the previous low of $72 for Litecoin.

Litecoin (LTC) Technical Indicators Reading
As it declines from its high of level 76 to level 70, Litecoin has been in the overbought area. As sellers show up in the area that has become overbought, the altcoin will continue to fall. The price bars are still above the moving average lines despite the dip, suggesting that the coin may climb in value. Below the daily Stochastic level of 50, Litecoin is experiencing a bearish momentum.

Conclusion
On the 4-hour chart, the altcoin has retraced below the 21-day line SMA holds above $80 breakout level. The implication is that the coin will be forced to move in a range between the moving average lines. When the moving average lines are crossed, Litecoin will trend.

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